During the bookbuilding process, the Class A Notes were placed at a price of 1-month Euribor plus 14 basis points and the Class B Notes at plus 42 basis points. The order books were oversubscribed 1.5 times (Class A) and 3.0 times (Class B) at placement pricing levels.

The following tranches were placed:

Class A: EUR 1.5 billion

Rating: [Creditreform/ Moody’s/S&P] [AAAsf/Aaa(sf)/AAA(sf)]

ISIN: XS1696295879

Class B: EUR 34.5 million

Rating: [Creditreform/ Moody’s/S&P] [A+sf/A1(sf)/A+(sf)]

ISIN: XS1696310694

With the transaction, the company securitised a diversified pool of receivables from around 125,000 leasing contracts. The average financed value per vehicle is around EUR 10,000. The securitisation transaction bears the quality label “Certified by TSI – deutscher Verbriefungsstandard” from True Sale International GmbH.

With a volume of around EUR 33 billion (previous year: around EUR 26 billion), the proportion of Auto ABS transactions in the overall refinancing mix of Volkswagen Financial Services amounted to more than 19% as at 31.12.2016 (previous year: around 16%). The capital market also makes a significant contribution with a share of around 16% (EUR 27.6 billion) having been reached by the end of 2016. This year, Volkswagen Leasing GmbH has already conducted bond issues on the capital market worth EUR 3.5 billion and EUR 2.25 billion.

The transaction was marketed by the Joint Lead Managers UniCredit Bank AG and ING Bank NV.

Information for editors

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise as at 01.09.2017 Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA, Canada, and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 15,324 employees worldwide – including 6,503 alone in Germany. Volkswagen Financial Services report total assets of around EUR 170.1 billion, an operating result of EUR 2.1 billion euros and a portfolio of around 18.2 million current contracts (as at: 31.12.2016).